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1、 Corporate Finance School of International Trade&Economics Professor Shao Xueyan 课程宗旨 创 造 财 富 谋 之 有 道 取 之 有 术 管 之 有 方 学 习 方 法 学而不思则罔 思而不学则殆 选自论语 哈 佛 学 生 学 习 不 是 与 未 来 就 业 相 匹 配 的，他 们学 的 东 西 可 能 与 他 们 将 来 所 要 做 的 工 作 完 全 不 一 样。广 泛 的 知 识 面、有 专 业 技 能、有 一 定 的 远 见、有 能力在职业生涯中继续学习是哈佛对学生的培养目标。大 学 能 做 的 最 重
2、要 的 事 是，学 生 从 学 校 毕 业50年 以 后，学 生 还 能 顺 应 时 代 的 发 展 变 化 而 继 续 学 习、进取、改变，这将能造就社会的领导者。哈佛大学荣誉校长陆登庭教授 于北京首届中外大学校长论坛 参考书目 1.公司理财（第五版，双语教材）理查德.A.布雷利等著 中国人民大学出版社 2.公司理财（第九版，双语教材）斯蒂芬.A.罗斯 等著 机械工业出版社 3.财务报表分析（技巧.策略)戴欣苗编著 清华大学出版社 4.上市公司虚假会计报表识别技术 刘姝威 经济科学出版社5.现代公司理财 姚益龙 中山大学出版社6.沃伦巴菲特的投资组合 美 罗伯特.哈格斯特朗 机械工业出版社7
3、.百万富翁的智慧 美 托马斯.J.斯坦利博士 中国大百利全书出版公司8.公司理财（第二版）蒋 屏编著 清华大学出版社 2013年4月CHAPTER 1Goals and Governanceof the CorporationMcGraw-Hill/IrwinCopyright 2012 by The McGraw-Hill Companies,Inc.All rights reserved.Investment and Financing Decisionsw To make corporate investment or financing decision w Capital Budge
4、ting Decision Decision to invest in tangible or intangible assets.w also called the Investment DecisionInvestment and Financing Decisionsw The nature of capital investment decisions Making an outlay immediately vs.Yielding benefits in the distant future.A single large amount of outlay vs.A stream of
5、 smaller amount of cash inflows.It is difficult to withdraw from an investment.Time is vital to investment decisionmaking Capital investment affects the amount of future cash flows generated,the timing of those cash flows,and the variability or risk of those future cash flows and thus,the value or w
6、orth of the capital budgeting decisions.Investment and Financing DecisionsInvestment and Financing Decisionsw Financing Decision Raising money that the firm needs for its investments and operations.Determining the amount,maturity and type of funds raised in financial markets.w Capital Structure The
7、mix of long term debt and equity financing.1-1-12 12Investment and Financing DecisionsThe Investment Decision Real AssetsThe Financing Decision Financial Assets1-1-13 13Investment and Financing DecisionsAre the following capital budgeting or financing decisions?Apple decides to spend$500 million to
8、develop a new iPhone.GE borrows$400 million from bond investors.Microsoft issues 100 million shares to buy a small technology company.1-1-14 14Goals and Governance of the CorporationThis chapter introduces the corporation,its goals,and the roles of financial managers.Source:U.S.Census 2008 SUSB Annu
9、al Data1-1-15 15What is a Corporation?w Corporation-A business organized as a separate legal entity owned by stockholders.w Types of Corporations:Public Corporations Private CorporationsWhat is a Corporation?Public Companies:Shares are available for purchase by any investors,have a broad base of sha
10、reholders and have professional boards and management.Private Corporations:Shares are not available for public,are owned by small groups of managers and investors.Limited Liability Companies(partnership):General partners&Limited partners1-1-17 17Benefits of the Corporationw Limited liabilityw Infini
11、te lifespanw Ease of raising capital1-1-18 18Drawbacks of the Corporationw Corporations face the problem of double taxationw Improper corporate structures may lead to“Agency Problems”What Is a Corporation?Goals of The Corporation*Production maximization*Incomes maximization*Profit maximization*Share
12、holders wealth maximization*Social responsibility1-1-21 21Goals of The Corporationw Shareholders want wealth maximizationw Wealth maximization vs.profit maximization:Pitfall:Profits from which period?Pitfall:Cutting dividends to increase cash reservesGoals of The Corporationw Shareholders desire wea
13、lth maximization Shareholders Wealth Wealth Maximization Ordinary ShareOrdinary Share Current Market ValueMarket Value Expected Future Cash flowsFuture Cash flows Expected Dividends&Share PriceGoals of The Corporationw wealth max.vs.profit max.*cash flow:accounting profit*long-term returns:short-ter
14、m returns*market price:different accounting rules*consider time&risk:ignore time&risk1-1-24 24The Ethics of Maximizing ValueDoes value maximization justify unethical behavior?Recent examples:Enron WorldCom Bernard Madoff1-1-25 25Agency ProblemDo managers really maximize value?Agency Problems Manager
15、s are agents for stockholders,but the managers may act in their own interests rather than maximizing valuewShareholders vs.Stakeholders1-1-26 26Agency ProblemDifferent Informationw Stock prices vs.returnsw Dividend Policyw Financing DecisionsDifferent Objectivesw Managers vs.shareholdersw Top manage
16、rs vs.lower managersw Stockholders vs.banks and lenders1-1-27 27Agency Problem SolutionsCompensation plansBoard of DirectorsBlockholders1-1-28 28Agency Problem SolutionsTakeoversSpecialist MonitoringLegal and Regulatory Requirements1-1-29 294A.Cash reinvested in the firm4B.Cash returned to investors
17、Role of the Financial ManagerFinancialManager(1)(2)(3)(4a)(4b)Real assetsInvestorsFinancial Assets FirmsOperations1.Cash raised from investors(how?)2.Cash invested in firm3.Cash generated by operations1-1-30 30Role of the Financial ManagerMost large companies have 3 top-level financial managers:Role
18、 of the Financial Managerw Some daily-questions faced by managers A)Will a particular investment be profitable?B)Where will the funds come from to finance the investment?C)Which customers should be offered credit and how much should they be offered?D)How much inventory should be held?E)How should profits be used or distributed?(What is the optimal dividend policy?)1-1-32 32Appendix:Careers in Finance